The financial statements of the U.S. government are prepared using generally accepted accounting principles promulgated by the Governmental Accounting Standards Board.

Question

Quizplus · Accepted Answer

The financial statements of the U.S. government are prepared in accordance with principles promulgated by the Federal Accounting Standards Advisory Board (FASAB), not the Governmental Accounting Standards Board (GASB), which is for state and local governments.

The Financial Statements of the U